CASH PAYMENT ON RETIREMENT Sample Clauses

CASH PAYMENT ON RETIREMENT. Upon retirement from Department service under the applicable retirement plan or upon death while in active service, an employee shall be entitled to a lump sum payment calculated at the hourly rate in effect on the last day of Department service for each classification as set forth in Appendix A, times twenty percent (20%) of the employee's unused accrued sick leave to a maximum of 2,912 hours in the case of employees who work 56- hour weeks or 2,080 hours in the case of employees who work 40-hour weeks.
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CASH PAYMENT ON RETIREMENT. Upon retirement from County service under the County's retirement plan or upon death while in active service, an employee shall be entitled to a lump sum payment calculated at the biweekly or hourly rate in effect on the last day of County service for each classification as set forth in Appendix A, times 20% of the employee's unused accrued sick leave, as of the date of retirement, up to and for purposes of this payoff, a maximum of 1000 hours (125 – 8 hour work days).
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CASH PAYMENT ON RETIREMENT. (1) At the time of retirement from active service with the City, providing that the employee has completed ten (10) or more years of service, the employee may elect, by filing written notice to the municipality within thirty (30) days prior to the effective date of retirement, to be paid in cash at a rate of twenty-five percent (25%) of the first 2,000 hours of his/her accrued but unused sick leave balance, and the remainder of the unused sick leave balance to be paid at forty percent (40%). Such payment shall be based upon the employee's base pay at the time of retirement (excluding longevity and assignment pay) divided by 2,704 hours (after December 14, 2008, 2,595.84 hours will be used to calculate the base pay rate). Such payment shall eliminate all sick leave credit accrued by the employee at that time. Such payment shall be made only once to any employee.
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Related to CASH PAYMENT ON RETIREMENT

  • Payment on Death If an employee dies who was entitled to accumulated annual leave under the provisions of this Article, the heirs of such deceased employee shall be paid an amount of money equal to the number of unused hours of annual leave earned or accrued multiplied by the hourly rate of such deceased employee.

  • Vacation Pay on Retirement Termination is as follows:

  • Vacation Payment on Termination An employee whose service is terminated by the Company or by resignation shall be entitled to a cash payment in lieu of an outstanding vacation allowance, calculated proportionately from July 1 marking the beginning of the 12-month period in which the vacation entitlement applies. Upon the death of an employee, his or her estate shall be entitled to the same payment. The payment will be based on:

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Payment on Early Termination Upon termination pursuant to Section 14 (Early Termination), District shall pay Contractor as follows:

  • Payment on Termination If an employee is terminated after the end of a year of employment, the employee is deemed to have been given any untaken leave from the date of termination and shall be paid for that leave accordingly. The employee shall also be paid for any public holidays falling within the period of leave in addition to payment for the leave. If an employee is terminated before the end of a full year of employment, the employee shall be paid pro-rata annual leave based on the period of service.

  • Retirement Payment Employees with 25 or more total years of service in the program, who give two months’ notice of intent to retire, shall be provided the equivalent of 16% of annual salary, or $16,000, whichever is greater, at date of termination. The payment shall not exceed $20,000.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Lump Sum Payment Upon award of the contract for this improvement, the LA will pay to the STATE, in lump sum, an amount equal to 80% of the LA’s estimated obligation incurred under this Agreement, and will pay to the STATE the remainder of the LA’s obligation (including any nonparticipating costs) in a lump sum, upon completion of the project based upon final costs. Method B - Monthly Payments. Upon award of the contract for this improvement, the LA will pay to the STATE, a specified amount each month for an estimated period of months, or until 80% of the LA’s estimated obligation under the provisions of the Agreement has been paid, and will pay to the STATE the remainder of the LA’s obligation (including any nonparticipating costs) in a lump sum, upon completion of the project based upon final costs.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

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